8 June 2015
Vetropack acquires glassworks in Italy
Vetropack has signed a purchase agreement to acquire a glassworks from Bormioli Rocco S.p.A, a company based in Italy.
The acquisition of the glassworks in Trezzano sul Naviglio reinforces Vetropack's position on the Italian market. In the 2014 fiscal year, Vetropack Group sold over 20 per cent of its exports to customers in Italy. With the purchase of the glassworks in Trezzano sul Naviglio, which is home to the glass packaging business (Food and Beverage Division) of Bormioli Rocco S.p.A, Vetropack will be able to gain significant market share and further strengthen its position as an efficient Europe-wide supplier of glass packaging on all its markets.
"Having our own works in a country where we have been a sought-after partner of the food and beverage industry for decades is an ideal next step in our Group's expansion," said a confident Claude R. Cornaz. "We're now in a position to develop further in a region that we are extremely familiar with. This will benefit our existing customers as much as those we will be welcoming thanks to our new glassworks in Trezzano sul Naviglio and those we still have to win."
The glassworks in Trezzano sul Naviglio produces around 140'000 tonnes of glass packaging every year for the food and beverage industry, most of which is sold on the Italian market. The works employs some 260 staff and generated in 2014 revenue of almost EUR 60 million. The new subsidiary intends to maintain and expand its current product portfolio and the customer relationships it has built up. Integrating the new subsidiary into Vetropack Group will enlarge the range of products on offer and enable synergy effects to be leveraged.
The parties have agreed not to disclose the purchase price.
For further information, please contact:
Claude R. Cornaz, CEO
Vetropack Holding AG
Tel. +41 44 863 32 04
Tel. +41 79 404 35 17 (Mobile)
E-Mail: claude.cornaz@vetropack.ch
